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Insurance and occupational pensions: regulatory and supervisory committee
The realisation of a single market in financial services required the establishment of an advisory committee whose mission is to support and advise the Commission in regulating those services. As regards the insurance, reinsurance and occupational pensions markets, the European Insurance and Occupational Pensions Committee (EIOPC) is attached directly to the Commission and fulfils the role of a body for reflection.
Commission Decision 2004/9/EC of 5 November 2003 establishing the European Insurance and Occupational Pensions Committee (Text with EEA relevance).
The establishment of a supervisory and regulatory committee shall contribute to the realisation of a single market in financial services in accordance with the framework defined by the Financial Services Action Plan (FSAP).
Creation of the EIOPC
The EIOPC contributes to improving regulation in the fields of insurance, reinsurance and occupational insurance. Its creation responds to the need to extend beyond the securities markets the four-level regulatory framework advocated in the report by the Committee of Wise Men, called the Lamfalussy report in 2001. As an advisory body, it participates in preparing and applying the measures for implementing the framework principles laid down in the relevant directives and regulations. The Lamfalussy process was re-examined in 2007. During the re-examination of this process, it was deemed necessary to enhance the action of this committee and to introduce a strengthened legal framework.
As it oversees developments in the fields of insurance, reinsurance and occupational pensions, the advisory committee participates in drawing up the measures implementing the framework principles. However, it does not have the power to address issues of labour law or social law.
The role of the EIOPC
The EIOPC is, first and foremost, an advisory body. Its main task is to advise the Commission on legislative proposals and existing legislation governing insurance, reinsurance and occupational pensions.
The interdependency of European Union financial systems and the disappearance of the distinction between bank-related activities and those related to securities and insurance complicate supervision both at national and European levels. A system is therefore needed in order to identify potential risks, across borders and across sectors, at an early stage so as to preserve financial stability.
|Act||Entry into force||Deadline for transposition in the Member States||Official Journal|
OJ L 3, 7.1.2004